AOL saw the most improvement throughout 1Q. The company had the highest proportion of Oversized/Custom ad units (ex YouTube) at 26%, and it also had the highest percentage of purely brand-focused advertisers (which we view as a positive indicator of ad quality).

While Project Devil sightings on the homepage were very scarce in 1Q, we believe AOL has had more success with Devil across AOL's other properties and we expect to see them increase this in 2Q. The bottom line is that AOL's display business is trending well, and we believe we are past the worst in terms of growth (at least in 2011).